Page 132 - TKZN Annual Report 2023/2024

KWAZULU-NATAL TOURISM AUTHORITY
Trading as Tourism KwaZulu-Natal
Annual Financial Statements for the year ended 31 March 2024
Notes to the Annual Financial Statements
Tourism KwaZulu Natal Authority contributes to the Old Mutual Orion Provident Fund. Membership is compulsory for all employees. The fund is a defined contribution plan and the organisation contributes 15% of the pensionable remuneration. Included in the employee costs disclosed above, is an amount paid over for provident fund (see the table below for details).
Provident fund
19. Cash( utilised) generated from operations
Surplus
Adjustments for:
Depreciation and amortisation
Scrapped assets
Changes in working capital:
Receivables from exchange transactions
Payables from exchange transactions
Increase/(decrease) in payables from non-exchange transactions
20. Commitments
Operational expenditure
Leases contracted for but not provided for:
• Up to 1 year
• 2 to 5 years
Other amounts contracted but not provided for: • Up to 1 year
• 2 to 5 years
Not contracted
• Open orders
Total operational commitments
Contracted for but not provided for Open orders
Total commitments
Authorised operational expenditure
This committed amount relates to operational expenditure and will be financed by available funds from the allocated budget and existing cash resources.
In other amounts contracted but not provided for, is a 3 year contract for the period 2023-2025. The contract is under review and may lead to the event not occuring as per the agreement, therefore the 2025 contract value has been excluded.
Figures in Rand
2024 R ‘000
2023 R ‘000
5 231
4 834
(18 747)
(6 820)
16 448
6 362
-
10 771
4 977
7 672
2 045
16 576
3 849
-
-
35 459
22 470
4 318
6 625
35 459
22 470
4 318
6 625
39 777
29 095
39 777
29 095
130 TOURISM KWAZULU-NATAL ANNUAL REPORT 2023/2024
5 812
988
(323)
5 450
-
4 052
1 115
(611)
69
210
5 936